Guidance - Knowledge Center
Your 1098-E and Your Student Loan Tax Information
Your 1098-E student loan interest statement has one of the most important numbers we'll give you this year—the amount of interest you paid on your student loans in 2013.
Why is the number so important? Because you might be able to deduct all or part of it from your income on your federal tax return, which could reduce the amount you pay in income tax—good news!
What's on your 1098-E?
You have one 1098-E for each account
listed on your Account Summary.
The only thing you need is your number—the amount of student loan interest you paid in the previous year. Provide this number from box 1 in the "student loan interest deduction" portion of your tax return. If you have more than one account, you'll need to look at multiple statements and add the numbers together for your total deduction.
How can you find out how much interest you paid last year?
The number is on your 1098-E student loan interest statement, which you can always access by logging into your account on mygreatlakes.org and selecting Account Information > 1098-E Student Loan Interest Statement from the menu.
What interest payments are included on my 2013 1098-E?
The interest on payments received by 5:00 p.m., Central time, December 31, 2013, is included on your 2013 1098-E. Interest on payments received or scheduled after that time will appear on next year's statements.
Where can I find more information?
The IRS website and Publication 970, Tax Benefits for Education, have more information on how to deduct your student loan interest. You can also complete the Student Loan Interest Deduction worksheet in the Form 1040 or 1040A instructions.
Contact us if you have additional questions—we're here to help!